Raise Deductible, Lower Costs
No matter how you ended up needing the Sr-22 certificate of financial responsibility, you will pay more for insurance. The Sr-22 form itself is not insurance, but it does indicate you as a high-risk driver thus driving insurance rates up. A policy that it’s your needs is already difficult to find, but it becomes more difficult with the Sr-22 form. Luckily, you can raise the deductible to lower the cost of Sr-22 insurance.
Raise the (Deductible) Roof
Your deductible is the amount of money you pay before your insurance kicks in. The benefit of raising your deductible is paying less in mothy statements. The drawback of raising your deductible is paying much more out of pocket for damages before your coverage activates. This is a major problem for some people, but there are ways to make the decision easier.
If you combine safe driving practices with a raised deductible, then your chances of getting in an accident and having to pay for it are much lower. Unfortunately, we don’t live in a perfect world and mistakes happen. There is no guarantee your safe practices will stop someone from damaging your car.
Take Home Message
Although raising your deductible can lower the costs of car insurance, it can cost you out of pocket money to pay for damages. Consult with your insurance agent, who has experience and knowledge about auto insurance and the Sr-22.